Funding arb · Price arb /

MEGA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.004%

Price spread now: Phoenix against KuCoin+0.045%93s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.045% dearer against KuCoin than usual: you sell high and buy low (spread +0.045% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 36 hours. The two prices were read 93 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin MEGAUSDTM	0.04428	0.0100	pay 0.0050% / 4h	2h 47m	$228K	$112K	50x
Short	Phoenix MEGA	0.04430	0	get 0.0000% / 1h	47m 50s	$20K	$7K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$21
Price spread: +0.045% → 0.000%: $4.52
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$35.48
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 32 min ago; Phoenix: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy KuCoin live order book, 32 min ago	12.32 bp	297.2 bp −$297	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MEGA on 28 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International MEGA-PERP-INTX	−0.0288%	1h	0.04400	−0.626%	$5K	$11K	50x	as long as short
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04423	−0.105%	$12K	—	150x	as long as short
Phoenix MEGAshort	0.0000%	1h	0.04430	+0.045%	$20K	$7K	5x
BloFin MEGA-USDT	+0.0051%	4h	0.04428	0.000%	$197K	$75K	50x	as long as short
Nado MEGA-PERP	+0.0071%	1h	0.04425	−0.068%	$191K	$152K	2x	as long as short
Orderly PERP_MEGA_USDC	+0.0097%	4h	0.04424	−0.090%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04424	−0.084%	$19K	$80K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04430	+0.036%	$14K	$10K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04425	−0.068%	$4.0M	$12.7M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04422	−0.136%	$3.4M	$4.9M	20x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04423	−0.113%	$906K	$2.8M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04450	+0.497%	$131K	$5K	10x	as long as short
Gate MEGA_USDT	+0.0100%	4h	0.04423	−0.113%	$189K	$310K	20x	as long as short
MEXC MEGA_USDT	+0.0100%	4h	0.04425	−0.068%	$779K	$350K	50x	as long as short
KuCoin MEGAUSDTMlong	+0.0100%	4h	0.04428	long leg	$228K	$112K	50x
Bitget MEGAUSDT	+0.0100%	4h	0.04426	−0.045%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04423	−0.113%	—	$1.7M	—	as long as short
Backpack MEGA_USDC_PERP	+0.0100%	1h	0.04428	0.000%	$15K	$39K	5x	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04427	−0.033%	$236K	$109K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04430	+0.056%	$27K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04425	−0.068%	$24K	$229K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04427	−0.023%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04425	−0.065%	$126K	$613K	5x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04426	−0.054%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0235% / S −0.5353%	1h	0.04422	−0.140%	$3K	—	45x	as long as short
Hyperliquid MEGA	+0.1394%	1h	0.04436	+0.185%	$7.5M	$2.4M	3x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1445%	1h	0.04432	+0.097%	$107	$15	25x	as long as short
Lighter MEGA	+0.1568%	1h	0.04445	+0.384%	$598K	$299K	3x	as long as short